Mixed-Use Retail and Residential
For Sale
$529,000
1115 Franklin Street, Michigan City, IN 46360
MULTI_FAMILY - Michigan City, IN
Property Size5,737 SF
Lot Size0.06 Acres
Price / SF$92.21
Days on Market136
Property Features for 1115 Franklin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Basement
Full
Appliances
Gas Range, Refrigerator
Subdivision
Land Companys Add
Lot features
Corner Lot
View
City
Directions
North on Franklin from Highway 20
Standard status
Active
APN
460129466015000022
Size
5,737 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
42-01-29-466-015 LAND CO 23-1/2 FT S SD LTS 12 & 13 BLK 95 & 23-1/2 FT S SD LT 9 EX 15 FT W SD LT 9 BLK 95
Tax Annual Amount
4618
Legal Description
42-01-29-466-015 LAND CO 23-1/2 FT S SD LTS 12 & 13 BLK 95 & 23-1/2 FT S SD LT 9 EX 15 FT W SD LT 9 BLK 95
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1900
Listing Agency:
Blackrock Real Estate Services
(219) 262-0086
Listed By:
Kimberly Fowler
(219) 331-5496
Added: Mar 17
Changed: Jul 28
Last Checked: Jul 30 at 11:06AM
MLS# 835608
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use building includes a street-level retail space with two residential apartments above it, plus a separate carriage house on the property. The configuration supports combined commercial and residential income use under one ownership structure. Reported improvements include a new roof completed in 2024, a furnace, and a 200 amp electrical service, along with other updates and improvements noted in the listing.
The property is located at 1115 Franklin Street in downtown Michigan City, Indiana. It is described as being one block from the south shore train station, placing it within a walkable, transit-adjacent corridor.
All units are currently rented with active leases in place, and the listing states that the retail space and both apartments are fully leased. One of the apartments has been completely renovated with modern finishes, and the property’s layout offers practical options for tenants or operators seeking a mixed-use asset that includes both retail and residential living space.
The property is located at 1115 Franklin Street in downtown Michigan City, Indiana. It is described as being one block from the south shore train station, placing it within a walkable, transit-adjacent corridor.
All units are currently rented with active leases in place, and the listing states that the retail space and both apartments are fully leased. One of the apartments has been completely renovated with modern finishes, and the property’s layout offers practical options for tenants or operators seeking a mixed-use asset that includes both retail and residential living space.
Key Highlights
- Fully leased mixed‑use building with street‑level retail plus two residential apartments above
- New roof installed in 2024; furnace and 200 amp service included
- One of the residential apartments has been completely renovated with modern finishes
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.1k | $15.00 |
| − Vacancy | −$2.2k | −$0.38 |
| EGI | $83.9k | $14.63 |
| − OpEx | −$37.8k | −$6.58 |
| NOI | $46.1k | $8.04 |
5,737 SF · lease $15.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Retail
$771.9K
$675.4K – $900.5K
NOI $54,030 @ 7.0% cap · market cap 10.21%
Second Best
Multifamily LT 5
$756.1K
$661.6K – $882.1K
NOI $52,924 @ 7.0% cap · market cap 10.00%
Theoretical Best
Specialty Retail
$1.59M
$1.40M – $1.86M
NOI $111,643 @ 7.0% cap · market cap 21.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Explore this area
Business Placement
Demographics for 46360, IN
44,209
Population
21,652
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
76.6 sq mi
ZIP Area
577
Density / Sq Mi
$59,641
Median Household Income
$36,738
Median Earnings
$924
Median Rent
$155,900
Median Home Value
Market
Properties on Market for Mixed-use properties in Michigan City
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with street-level retail, two apartments, and a carriage house, with recent exterior and mechanical updates.
Where is this mixed-use property located?
The property is located at 1115 Franklin Street Michigan City, IN.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Fully leased mixed‑use building with street‑level retail plus two residential apartments above; New roof installed in 2024; furnace and 200 amp service included; One of the residential apartments has been completely renovated with modern finishes
